Which area is better value?
Kipling vs. Finch?
Toronto only has 2 subway lines.
North - South East - West
There are 4 corner subway stations. + (travel time by subway to Yonge & Bloor)
1. Finch (25min) 2. Downsview (32min) 3. Don Mills (32min) 4. Kipling (28min)
*travel times are based on Google Map
Today, we will look at Finch neighbourhood in North York and compare it with Kipling neighbourhood in Etobicoke.
Which one's better value?
Prior to any project launch, I like to analyse the area to get a sense for $psf and avg. rent.
I find that this gives me a better feel for whether a project is good value or not. 😉
Below is the average $psf of the custom area in the above map.
As of April 24, 2018 There are not many listing.
The average PSF is based on 107 sales in the past 12 months. $605psf
Having done analysis using condos.ca tools, I've come to realise that the current $psf figures are closer to the High column. Therefore, for 1B unit, you can expect as high as $685psf. (*these values are resale) (Why is this important? because pre-construction $psf does not include closing fees, parking or locker)
I also keep a keen eye on the assignment market. This also tends to give a very good indication of the current $psf values.
Currently there is 1 assignment sale at BloorVista, near Islington station, 544sqft, SW, 1B, 1parking $379,000 which puts it at $689psf.
This is rare in Toronto since most pre-construction condos do not sell parking to 1B units plus the fact that this is a corner unit. If you are interested, please email me right now. This is screaming value.
By looking at all available sources, we can come to a more accurate market sense of $psf.
Close to Islington/Kipling Station, 🚉 Close to 427 & Gardiner express way 🚗 Transportation-wise, this is just as good as North York. 👍🏻
Shall we take a look at Finch station?
Based on 349 condo sales in the past 12 months,
the average $psf is between $850-1100psf
to confirm this, I dug into the assignment sales but was unable to find any units at the moment.
Close to Finch Station, Sheppard station, 🚉 Close to 401🚗 Transportation-wise, this is very good. 👍🏻
But is it worth
more than Kipling?
Finch = $950psf Kipling = $690psf
In my opinion, it's very difficult to justify the price difference.
To complete the full picture as an investor, you want to know rental prices.
Let's do that!
Rental Price in North York
Rental Prices in Kipling
Both renting at $1950.
Can we make a conclusion?
It is absolutely clear that
Kipling is the better investment
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